January 4, 2013 1:35 pm

Construction is set to begin during the first quarter on a 116-unit senior apartment complex in Milton.

Financing for the apartments will come through the Washington State Housing Finance Commission.

The Alder Ridge Apartments will offer three stories of apartments for low-income adults 62 and older, according to a press release Friday. Some of the units will be reserved for individuals with disabilities or other special needs.

Karen Miller, chairwoman of the commission, said, “We’re excited to be a part of making this housing possible for the community of Milton.”

The complex will be built at 38338 28th Ave. S., and will feature 74 one-bedroom and 42 two-bedroom units. Included in the two-bedroom apartments will be 17 garden apartments with private access to the outside.

The commission financed the project by issuing $8 million in tax-exempt bonds, combined with $4,081,000 in housing tax credits for the developer, the release said.

Village Development LLC of Federal Way will own and manage the complex.

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